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Tuesday, February 2, 2010

Small and cute are often quaint. Quaint usually costs a lot of money. Quaint in a good location, with a pool, off street parking normally cost a whole lot of money in Key West. Even in today's tough market.

I've seen a lot of big houses and most are never equated with quaint. But that doesn't mean they don't matter, because we all know that Size Matters.

The two really big houses at 727 and 731 Waddell Avenue in the Casa Marina Area of Key West are now listed as short sales at a very affordable price of $1,299,000 and $1,199,000 respectively. I have written about both houses several times. Both houses are essentially the same. 731 Waddell Avenue is located on a corner lot. 727 Waddell is located next door to the west. In my opinion 727 Waddell is the superior property because the kitchen, floors, and some interior finishes show a bit better. I think the pool and rear grounds of 727 Waddell are also superior to 731 Waddell. But a corner location has a great appeal to many buyers.

This is how the listing Realtor describes 727 Waddell Avenue (pretty much ditto for 731):

"Custom built Casa Marina home newly constructed in 2008. Barely ever lived in with a spacious 4 or 5 bedrooms each featuring ensuite bath, great storage & large covered porches off 3 of the bedrooms on 2nd floor. Through the front door you will be graciously welcomed to a great room & light filled kitchen all overlooking spacious yard, custom pool/Jacuzzi w/ water feature & stone patio. Enjoy 11ft ceilings, granite countertops, stainless appliances, built in bar, custom marble & tile baths, hardie plank siding, impact windows & doors, fully fenced, irrigation & more. A comfortable & spacious home centrally located to beach, tennis, dining & famous Duval Street. This is a potential short sale transaction subject to lender approval."

Each of the five bedrooms has its own bath. All bedrooms except the third floor bedroom have balconies. The bedrooms actually were built to be bedrooms and have lots of good usable space. They have closets as well. I created a list of comparably priced homes in Key West that have at least three bedrooms. CLICK HERE to checkout the competition as far as size, location, and amenities. Not everything good comes in small packages.

If you are looking for a "big" house and a good value, either of the two houses at 727 or 731 Waddell Avenue deserve a look. CLICK HERE for more detailed info and mls photos ON 731 wADDELL. I have more photos that I can send to sincerely interested buyers. The Casa Marina Area is close to the beaches and within walking distance to upper Duval Street.

Anon 1, I don't think you were referring to the bottom of the real estate market.

Anon 2, I think you are very wrong. Buyers are scrounging again and starting to look for bargains under delapidated facades. They are taking on renovations instead of paying the big bucks that nicer homes demand.

I have to agree with Gary on this. While poeple love to talk gloom and doom, the reality is that we have hit the bottom of the market at least in areas like Key West. It may take quite a while to see a significant rebound, but the signs are definitely there.

731 Waddell is under contract. 727 Waddel is still available. It think this is a great deal from someone who has the money and the need for a house this large.

Five bedrooms (or 4 with a den or office or guest suite) is a lot of rooms. That's a lot of house to maintain and pay upkeep on. Also, the block across the street that was planned as a luxury townhome development was nixed. So the entire block sits festering. That has got to scare many buyers. The good thing is that particular block is very valuable and somebody will buy it and will development when the economy rebounds. It will.

Gary Thomas in a Nutshell

I first read about Key West in a magazine called "After Dark" sometime in the mid 1970's. But it wasn't until March 1984 that I made my first visit to the island that would become my home.
I had two weeks for a vacation and reserved a room at Colours Guesthouse (now Marrero's Guest House) for one week. I thought that if I didn't like Key West, I could always go back to Miami or Ft. Lauderdale for the rest of my trip.
But after a couple of days in Key West, that was no longer a consideration. But when I wanted to extend my stay for the extra week I found there was no room at the inn. The guesthouse owner did find me a room at LaTeDa, the infamous guesthouse/restaurant. That's a story I'll write another day. But those two weeks in Key West gave me the realization that I had found Paradise.
Key West has been my home since 1993 and my only regret is that it took me so long to get here.
I am a full time Realtor at Preferred Properties CRI.
Let me help you find your new home or business in Paradise. Living in Paradise is not a slogan, it's a way of life.